Aurora Innovation Reports $1M Q4 Revenue, $238M Loss and $14–16M 2026 Guidance
Aurora Innovation reported Q4 revenue of $1M (up 25% sequentially) and full-year revenue of $3M ($4M adjusted) against a $238M operating loss that included $48M in stock-based compensation. It closed 2025 with $1.5B cash, expects 2026 revenue of $14–16M, 200+ driverless trucks, earning Buy ratings with $12 and $15 price targets.
1. Q4 Financial Results
Aurora Innovation generated $1M in Q4 revenue, marking a 25% sequential increase, and reported full-year revenue of $3M ($4M adjusted). The company incurred a $238M operating loss that included $48M in stock-based compensation, with R&D spending of $155M, SG&A expenses of $30M, and $6M cost of revenue.
2. Cash Position and 2026 Guidance
The company ended 2025 with $1.5B in cash and liquid assets after using $146M in operating cash during Q4 and $31M in capital expenditures for the year. Management projects 2026 revenue of $14–16M and anticipates operating over 200 driverless trucks by the end of the year.
3. Analyst Ratings and Growth Outlook
Oppenheimer and Cantor Fitzgerald both reiterated Buy ratings with price targets of $15 and $12 respectively. Aurora has expanded its driverless network to 10 routes across the US Sun Belt, plans next-generation hardware by Q3 2026, and aims to achieve free cash flow by 2028.